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Episode 202: Active – Passive – Expanding Incomes

Connor Steinbrook was a top online poker player from 2003-2011, and in 2011, on April 15th, the government shut down the websites and he lost almost a decade of his life overnight. Nobody wanted to hire what they thought was an ex-gambler so he quickly realized he had to create a job for himself. He tried insurance and network marketing and found himself into real estate. It was a rough start — he ended up facing bankruptcy with $65,000 in debt. He figured out how to do deals using a joint venture wholesaling strategy where he never meets the seller or buyer, doesn’t put up earnest money or option money directly and doesn’t go to closings — he does everything virtually. He went from JV wholesaling to regular wholesaling, into flipping houses retail and becoming financeable, and then began to keep houses and do some owner financing and creating notes. He then created Investor Army to teach new investors how to duplicate what he did even if they have no money….being this is the biggest handicap for new investors.

What you’ll learn about in this episode:

Active, passive, and expanding financial situations with active, passive, and expanding income

What Connor did when his online poker income stream was stripped away

Why you should always have multiple income streams, including passive income

Why Connor created Investor Army

How Connor dealt with an issue that commonly causes entrepreneurs to burn out

The difference between active and passive income

Mistakes most people make with their lifestyle when they earn active income

Benefits of having both active and passive income

How passive income can create wealth that lasts for generations

Hitting rock bottom and how it can actually help you be more successful

The true definition of an asset

How passive income can give you freedom in your life

What emotional capital is and why it matters when you’re investing

Temporary vs forever passive income

Why there shouldn’t be a stigma around MLM models of generating income, and how you can make millions with these models

Why starting and running a business is always a time vs money battle

Choosing an MLM that is similar to the business you are already in

How real estate agents can build a team without being a broker

Cloud based brokerage systems and how they now allows teams to be built across the country

The trend of brick and mortar businesses being eliminated in the United States

Tips to ensure you’re in a good position if you lose a stream of income or times get hard

How to make an extra $155,000/year with a storage business

What can happen when you just stick your head down and focus on your work